Check out the Pullback in Skechers
Footwear company Skechers USA has emerged as an interesting growth stock over the last decade. Now it may be completing the final pullback in a six-year consolidation period.
First consider the longer-term weekly chart. Notice the 600+ percent rally between July 2013 and July 2015. SKX has essentially digested that move since.
However now it’s pulled back to hold an important long-term level around $44.50 from late 2019 and early 2020. Traders could be watching to see if old resistance becomes new support:
Third, on the main daily chart, notice how the 200-day simple moving average (SMA) has risen to that same potential support zone at the old high.
Next, stochastics have dipped to a deeply oversold condition.
Finally you have bullish gaps on April 23 and July 23, which followed strong earnings reports. Now with the holidays approaching, sentiment may swing back in favor of SKX.
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First consider the longer-term weekly chart. Notice the 600+ percent rally between July 2013 and July 2015. SKX has essentially digested that move since.
However now it’s pulled back to hold an important long-term level around $44.50 from late 2019 and early 2020. Traders could be watching to see if old resistance becomes new support:
Third, on the main daily chart, notice how the 200-day simple moving average (SMA) has risen to that same potential support zone at the old high.
Next, stochastics have dipped to a deeply oversold condition.
Finally you have bullish gaps on April 23 and July 23, which followed strong earnings reports. Now with the holidays approaching, sentiment may swing back in favor of SKX.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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